It’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about the bull rally and said stocks that would be experiencing significant growth, any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of a planner, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
True, we’re only just an information away from amassing wealth, and I’ve been looking into similar opportunities in this present market, could this coach that guides yo help?
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I saw this guy updated on the full episode and said he already sold it within 24 hours after talking to them. Hope you’ve had more peace this last month Marshall without the car payment!
@@clover-finder88 He sold the one he was calling about. His wife’s is paid off, but his was not. I’m not the caller so I don’t have any details. I just saw he commented on the full episode that he sold the car, is debt free and happy now!
I definitely agree on the car thing. My last car that I bought for years ago I only gave $2000 for it and it’s still going pretty good. I’m going to drive it till the wheels fall off.
To be honest, I disagree. He could have the vehicle paid off in a few months, and still have nice cars and a nice house, and continue to save an invest.
I own a tractor dealership. Depending on the price/size of the tractor the 0% financing is $2500-6000 more than the cash price. I am making the same amount of money either way. Point is there is no such thing as free money.
Sure there is. I always get the out the door CASH price, then come back and say I want 0% financing. If they say no, i walk. Eventually, youll catch a good salesman on a good day who needs to move a car to make his month. The key is to buy when you dont absolutely need it.
I think it depends on what you are buying. In the 0 APR limited time same as cash offers you might get the advantage because the person paying cash immediately is paying the same as I am as long as I pay it off within the timeframe. That’s how I buy most of my electronics so I can pay from my paychecks instead of dipping into my savings.
Oklahoma... a 2020 1/2 ton Chevy Pickup is $40k (four years old today) same for a 4 year old Yukon. I've gotten to the point where I just look for 25+ year old cars, that way I don't even have to worry about federally mandated state inspection. Like Jade says, "The game IS rigged against you, the only solution is to not play."
There IS no "Federally mandated state inspection" the Federal Government believes the states should - for the most part govern themselves! I've lived places you must pass an annual inspection......right now I'm in Iowa and there IS no such thing.....brand new or 100 yrs old......no such thing
@@hdsensingI like to work on 88-00 Hondas and Toyotas but never got into the classic car vibe. I people over exaggerate them and sell them overpriced.
Very nice. I like the bigger stuff because you seem to be able to get to things easier without having to take apart half the car. Changing the headlight on a newer car seem to be WAY harder than it needs to be. @@Primitive_Code
I just did a quick search in my area for used cars under $6,000. I left the miles open and not a single Toyota Camery showed up. Lots of SUV's Pickups, and such, just a few Honda Accords but no Accords under 120,000 miles. I'm thinking when they get older the SUV's values just plummet, Pickups always have a work truck value.
It's called buyers remorse. So, you are suggesting he sell a used car to which he has invested in and buy a used car that will need a mechanic. Hope he has a backup plan for getting to work.
Same. Except I was heavier into owning fast cars in my early 20s. Now that I’m married and almost 29 I have a boring but newer gmc Sierra and wishing everyday I had a fun car. Just gotta wait for my father in law to give me his iroc camaro 🤠
What do you drive? I like fun cars to. I have a mustang that I sold to pay down my Tesla sold it paid off the Tesla and got the same mustang back then a week after paying off the Tesla I totaled it. I still have my mustang but as my winter car I got a 2015 police tarus. It's not as fun as my other 2 cars but it's still pretty fun. As someone that had a car loan for the Tesla it's not worth having payments on cars.
Unless you paid cash for it, you are stealing your out future. Before going to a dealership, imagine driving down the highway and throwing $100 bills out the window. New $50000 car? Imagine throwing fifty Benjamins out the window as you drive home. You would have had a much better time at a strip joint then that drive.
@@danmacgowan8242Yeah I agree it's not worth getting into debt. I took a car loan on a Tesla paid it off and a week later totaled it. I did that because I was spending $750 a month in gas. Car payments aren't worth it even if the cash flow is about the same as driving something else and using a lot of gas. Never doing that again. Also, if you know what you're looking for, you can find a really fun car for $10,000.
Thank you for the video ! Do you believe that BlckTken300 will be the main pump in 2024? I mean they prepared it for a long time and the vision is beyond greatness
@@15KHPCLUB I'm in Australia. It's a different ball game here. But at the end of the day, if you're spending money on medical care, at least you've got your life to show for it... hopefully.
The damage is done, that vehicle has been purchased, he would then be down to only 1 vehicle if he sells. The vehicle has lost a good chunk of value and he probably won’t be able to sell it for anywhere near what he owns on it. As this is his only payment, it might be better to just knock the vehicle payment out and keep the car. It seems like he is in a better financial position than most people calling in. Most car dealerships own the financing they use so if you are paying in cash, they will mark up the car to cover what they would have made in interest. Paying cash for a car is not always cheaper than financing it. Depends on where you go.
They even said it themselves...he paid more upfront to get the 0%. Why in the world would you pay it off early...I would stretch that thing out the entire loan, not put an extra penny on it, and over the next 5 years take all that money and put it on investments...I cannot think of a single instance where I would pay a 0% interest loan early...In fact, will you loan me a billion dollars at 0% interest?! My entire family would never have to work again...
I'd just keep it also..... it used to be 2K would get you an ok used car, now you're looking at 10K -15K unless you want a piece of junk or you get lucky.
It is only a problem right now because people are trying to sell their inflated 2022 car at the price a used car would sell in 2022, not realizing that a new car now is less than a 2022 used car
@@OtisFlintin a way they’re just brainwashed into following the formula, they bring out the same statistics for every single person for the last decade. I don’t know if they ever update the facts or Dave just wants to get more people into his money-making racket.
@@markkunath8440 You’re what’s known as the exception to the rule. It will eventually come to a point where the cost of repairing a vehicle exceeds the resale value and becomes a total loss.
@@15KHPCLUBnot always. My car that we have right now is the nicest car we've ever had (and our most expensive) and we paid 12. But, a number of years ago, we paid $800 for a car cash from a backyard dealer......my husband is mechanic - that was FANTASTIC little car! I drove it 3 years until someone tagged it and poured sugar in the gas tank and we didn't have 2,000 in the entire 3 years INCLUDING the purchase price........
They already have one super nice new car. For their income a second car in the same category is hurting his overall picture. This is why he called, sold it and is now debt free.
There is something to be said about keeping a car you've taken good care of vs. picking up a cheap used car that you have zero knowledge or confidence how it was driven and maintained.
And he probably sold it back to the dealership! Hahaha! He should have just walked in there and handed them 10K and walked out! When the dust settles that's basically what he did.
I purchased a car in February 2012…paid it off in 4 years…maintained it and still driving it. Cars are a means of getting from Point A to Point B. It’s ridiculous the ‘attachment’ folks have to metal and glass. BTW it’s a 2012 Ford Focus SES… Insurance is cheaper too!
I bought a toyota corolla le 2013 in april of 2021 and at the end of this month ill be paying the car full, no more car payments for me until i get a used mustang gt as my second car
@@musicman7297 I’m not attached. Just frugal. I simply have no identity crisis that forces me to drive a NEW car. So who’s laughing at who now? BTW I’m retired with over 6 figures CASH in the bank! What say you friend. I am debt free!
There's "car lover", and then there's "sucker"! We must have discernment, or we will fall for anything! The amount of money you spend on your typical "average" car hoopdee, and replacing them over and over again; you couldve just bought a newer reliable car for the same amount of money. 👍
I paid 200 bucks for my daily driver. It needed some fixing but all in I'm still at about 1700-1800, and I've been driving for two years. Not saying everybody can do what I did but if you're really serious about becoming debt free you can find and drive cheap stuff with some looking around and some effort. Does it look good? Nope, it's a rusty bent-up junker, but I couldn't care less. Gets me everywhere I need to go and back.
There are so many used cars on various websites. It's just a matter of driving out to see them and kicking the tires. I, for one, will never buy a new vehicle again.
My 2019 Rav4 was 33,500 units after taxes when I bought it brand new in 4/19. Today, with 70,000 miles it is worth 26,000 units. Oh and I paid it off early 2022.
Dr. John is annoying. Always jumping ahead of the actual financial people on the show. If there isn't something to psychoanalyze, you should just be quiet
Who cares, it's a dumb metric...Is it the value of the car when you purchase, or what it is worth right then? If so, he can just wait 12 months and he'll be fine...The problem is they have to come up with these goofy rules so that they can try to squeeze everyone into the same box...All of it is bad information if you are really trying to optimize your situation...
WOW! I’m sorry to say but you have a broke mindset! Any purchases you make and don’t out right own it is the definition of liability. The bank who own the Title are the owners. At any point they can come get their car and there’s not a dang you can do about it 0% or not! Matter of fact: miss a payment and see what happens.
We don’t have enough information to judge what he should do honestly. If he keeps it for ten years he’s better off not selling. Buying and selling costs a lot itself.
I am car obsessed. But I take as it is - very expensive and financially insane hobby. That's why my car budget is what 10% of my investment portfolio value is. This keeps it from ever ruining me and if I want a better car, I better work harder on my portfolio. Simple as that. It's also a great motivator for my investing journey so often I don't even utilize it fully. For example my current car to portfolio ratio is just 2%.
I never understood when he said dont have half of your net worth in a new car because I can buy a brand new car and still wouldn't be half of my net worth. But yet he says I can't have a new car until I a m a millionaire because of the depreciation. But if we all cared about depreciation we wouldn't buy a car to begin with.
Not half networth...half your income tied up in Cars and boats and things with wheels. Once nw over a million then can buy new....disagree with that. If I make 100k I can buy cash a used 50k car but not a new 25k car..😂
@@DT-tp6vm why do I need to a millionaire to get a new car if I can pay cash and the car is a small percentage of my net worth and not half of my salary?
Another idiotic and contradictory piece of garbage advice from boomer Dave Ramsey. Just use the 10% rule or bring it up to 25% if you’re a gearhead like me.
You can have both Fun cars and healthy finances. But if you can only have both if you get to healthy finances first. If you get the fun car first, it’s much harder to get wealthy.
@@15KHPCLUB Some can't even when they are. I know many rich doctor's etc and $$ cars just aren't on their agenda. They'd rather spend it traveling or doing a hobby or charity.
Because it keeps the advice "objective". Once you bring the brand and model of the car into the picture, emotions will begin to influence the advice or take away from the point, which is to avoid allowing your emotions around a car (something all "car people" and many others immediately relate to) to sway you into financial decisions that delay building wealth.
cars will always be a bad investment..the only way around it to me is pay it off and drive 15+ years or until wheels fall off..if your trading them in every 3-4 years your on the hamster wheel!! Just my humble opinion
The thing people don't realize they are already statically halfway through their lives especially if you're over 50. The more debt you have the longer it's going take to get out of debt. So you're robbing your present and future self of a good life and oh yeah your family as well that you say you love. You don't live forever become debt-free ASAP especially if you have the money.
What about those who are debt-free but are still living check-check or close to it? Then what’ll be your narrative? “Look at the whole painting, not just a minor imperfection at the bottom.”
The smart answer is pay it off with your minimum monthly payments until it’s gone. The Ramsey answer is to pay it off now at the risk over everything else over $1,000 The smart and Ramsey answer is to sell both cars. The alarm bells come from the insanely high price of both cars. Sell both and acquire new ones where the expense and cost of ownership fits your budget.
The majority of people live paycheck to paycheck or with little savings. This is a reality. Even if they were to go and buy a new car or a used one for that matter, chances are they will not have the money in cash to pay for it. So, people are brainwashed into the I can afford ghe payment for the next few years which the majority do not have a problem doing for the most part. If they were to buy a cheap car cash, then they most likely won't have the money to fix the repairs that come with a cheap at your budget type of car.
I paid cash for my last five vehicles: 2020 4Runner, three very-low-mileage 2014 FJ Cruisers, and 2011 FJ Cruiser (which I no longer have -- I still have the other four vehicles).
Most don't think like that. When I was telling a co-worker that I was working that job to save up for a 2nd car she couldn't wrap her brain around the fact that my husband and I share a car with him walking to work most of the time. People also talk about me needing to be paid on the books vs off to take out a car loan. I'm thinking bruh...
given the callers current state, selling the car today is capitalizing the loss is ill advised, keeping 0% makes sense for now because you're already in it. the good advice was never to get into that situation in the first place. finally, selling whichever car has depreciated the least is the one to sell, no "the husbands" car. her ego in a 55k car isn't any more worthy of being placated than his in a 42k car.
I spent $4000 (wrote a check) on a used '93 Wrangler in 2004. It was eleven years old then, thirty-one years old now. I can still get in it and drive it wherever I want. I've no use for "luxury vehicles" or car payments! Anybody that's too good to ride in it with me can walk!
Cars are the biggest wastes of money ever. I will never understand why people even finance them to begin with. Like the hosts said, screw your status and get control of your ego.
Should definitely sell the wife’s car too and get two 25k cars, which is actually a really good amount of money for a car and then still have 30k in the bank. Having the 55k car and a 10k car is kinda ridiculous. Two 25’s is the way to go imo
You guys are wrong! Cars are not the worst purchase. You should buy something within your means that you like and it will be worth it if you keep it for at least 15 years. A vehicle isn't an asset, it's a needed utility. And if you use it a lot, then you should have something you like. Not a stupid used Camry!
I am glad that I was not born like one of those people obsessed with the latest car models. To me, the most boring conversations are the ones that go something like "What is your dream car?" "What car would you buy if you were a millionaire?" I drive a 1995 Ford Explorer. And he's the kicker. It belongs to my dad. 🤣🤣🤣
The old Chief Financial Officer in my company was a millionaire and the dude drove a regular Mazda sedan. I also drove for Amazon and noticed the real high end neighborhoods had a lot more 'regular' Toyota's and Honda's in the driveway and the lower income neighborhoods had luxury cars.
Channel your car love into model cars, it’s a whole lot cheaper lol. Then if you’re still unsatisfied, drop a few bucks on a driving video game and you can role play if you still need a little thrill haha.
This makes me laugh. I get a bus to work everyday out of choice. I get some comments from colleagues usually saying something along the lines of why font you learn to drive. I have a full licence i just choose not to have the burden of running a car. I have savings in the bank. Many of my colleuges have debt
@@SS700XYZDr. John is literally the one who said sell the car but of course y’all are still saying you don’t like John. George followed what Dr. D said because he realized they had WAY too much car. The guy ended up selling the car 24 hours afterwards and then thanking John for the peace it gave him. But yeah he’s terrible..: 🙄
We bought a 20 year old Toyota Sequoia Limited for $7000. CarPlay installed for $200. It has all of the fancy features due to being the top trim level.
I am so happy and it has helped my budget so much that I don't have a car obsession and my worth as a person does not come from the car I drive!! But if you're different, then you do you!
Cars are no different than vacations. if you are broke, you do day trips to the beach and drive a Toyota. If you have money, than there is NOTHING better than an awesome car and an awesome vacation, a Lexus and a trip to Europe! Yes, both are "wastes" of money, but remember, tomorrow is promised to no one, and you cant take it with ya.
WHAT FINANCIAL GOALS IS HE REALLY DE-RAILING?HE HAS 42K TRUCK YOU WANT HIM TO LOSE 6K ON THEN SPEND 10K ON CRAP OLD CAMRY.IF MY MATH IS RIGHT THAT'S 16K IS 26K DIFFERENCE GOING TO RUIN HIS FUTURE?
We just bought a van with the heated seats and seating wheel and other bells and whistles for 6500. It’s a few years old but was well maintained and doesn’t have a ton of miles. You don’t have to spend a ton to drive a comfortable vehicle.
DUDE YOU HAVE A PAID FOR HOUSE KEEP TRUCK AND PAY IT OFF IN 6 MONTHS YOUR ON TO BABY STEP 7!!!!!!!!!DEAR CALLER WE NEED REAL CALLS WITH PEOPLE WITH REAL PROBLEMS THAT NEED HELP!!!!!!!!!!!!STOPPPPP WAISTING EVERYONE TIME!!!!!!!!!!
I got a question, I owe 75k on my 245k house at 2.8 apr and I have about 80k in a CD at 5.25 apr. Should I pay off this house even though I plan to sell it and move to another state when I retire in 3 yrs to be close to my daughters and grandkids? Oh and my retirement checks from 4 difference entities in 3 yrs will be 9K a month, I also have 80K in a 402B that I will take with me also. But should I payoff the house now if I plan to move in 3 yrs ?
@@danmacgowan8242 ~300K, It's my Truck, wine, firewood, trailer, not my Car. 3 on the tree, 250cid straight 6 In 1999, a small paint damage, the insurance, totaled it, ($3500 repaint) AND gave me back the truck (restored salvaged title)
I bought my last truck for around 38 and sold it for 31 after putting several years and 65k miles on it. I don’t think all vehicles depreciate the same.
Credit cards are an amazing tool if you know how to responsibly use them. Never carried a balance never paid interest and I take free flights and vacations with my points every year! So grateful for the morons who carry a balance and pay for my free vacations!
Supposedly, there's research that even people who pay it off every month spend more than they would out of their cash. Put that extra dinner on the credit card, get some points, pay it off on time. Chase points with some of your cash instead of more investing. I think usually that free vacation would cost $20000+ in CC spending every year? Or what do you think? There might be some excess in that level of spending. We used to take CC for BtoB, now we charge 2.5% to those chasing those points through their business. We're not giving them that vacation on our dime.
i'm like that too. But some can't do it. I just hate how they act like it's impossible. Rich people do it (worked with dozens of them) and poorer people like my Mom. She taught me well. Points pay for gifts and one time I had free 100.00. No interest, no fees.
@@grayandgray It might with some, but I use debit and credit and it's the same. I just don't get points with debit. Its safer too. I don't want anyone hacking my debit, my credit doesn't hurt me and companies are always helpful. No paperwork to fill out, no angst about replacing MY money in my account and waiting. It's what makes me happy. I don't spend less or more since I pay it off that day or week. Sometimes my card has a credit for bit. I just don't want to use debit and traveling, no way
I used mine that way. I don't think I do things "ramsey" I guess. Many years ago, I paid off a 5000 one by transferring it to 0-% Disney card and every month or twice a month, I saw balance go down and no interest. That helped me a LOT. They eventually closed it because I never used it for regular purchases. Now I use my Chase Amazon card for whatever I buy or my debit but I get points with Amazon. I got over 200 which bought Xmas gifts and birthday gifts. I don't use it for the points, it's just a perk. I know people need to learn to stop taking out so many cards, store cards (which are awful) numerous credit cards etc but just because they can't stop putting junk on them, doesn't mean someone else can't use them responsibly. If we stop using things others abuse, lets stop buying liquor while others are alcoholics, please shut down lotto and gambling casino's and online betting and shut down fast food restaurants that pollute our bodies with crap.I wouldn't miss any of that but it is a free world. We need more classes in budgeting and self control. I had my moments for sure but never liked expensive cars or shoes or expensive jewelry so no too many vices.
So you enjoy taking vacations paid for you by young people who suddenly had an emergency and now carry a balance on their card? Some single mom who had to put Aprils electricity bill on VISA because the her tax return she was counting on wasn't like the Covid ones. Some college kid who got a free t-shirt and sat and lived off Mastercard in the dorm instead of working?
I think either paying it off in 3 months or selling it were both reasonable options here. Usually when people come in they give pre tax numbers and owe on a mortgage and 50% is based off that value. This gentleman gave after tax value of income of 100k putting pre tax at 140ish, they would be abit over the 50% with the two cars, next year the cars would be worth 50% if not less of their income . I think the fact that they own their house out right was grazed over and not considered, mostly because it wasn’t mentioned until the end. I personally like the sell it option unless he was in love with the car but the other option definitely could have been considered
I don't get the adult car obsession at all. Automobiles are little more than necessary financial sinkholes - so just keep them to a minimum. It's Feb2024. I'm driving a 2008 Toyota Camry that I purchased used in 2017 with very low mileage from a local retired senior citizen. I do all the maintenance and virtually all repairs on it myself (one can learn how to do a lot of automotive work from RUclips). It still looks and runs like it is practically brand new. I don't particularly care for its exterior color, but so what, it's only a car. I'm not impressing anyone with what I drive, and I don't want to. Safe inexpensive reliable transportation is what cars are all about for me. Good things! 👍
Yes, the rule does apply. Increasing your income allows more money to be put into vehicles. The money that you don't spend on vehicles can go to life's necessities and investments that go up in value.
It’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about the bull rally and said stocks that would be experiencing significant growth, any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of a planner, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
True, we’re only just an information away from amassing wealth, and I’ve been looking into similar opportunities in this present market, could this coach that guides yo help?
Doing your research will save you a lot of hassle. Monica Mary Strigle is her name and she is licensed.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
"If you think nobody cares if you're alive, try missing a couple of car payments." Outstanding quote lmao
I saw this guy updated on the full episode and said he already sold it within 24 hours after talking to them. Hope you’ve had more peace this last month Marshall without the car payment!
Wife needs to sell her even more ridiculous car too
Her car is paid in full... why would you sale a car that you own debt free??
What kind of car did he had?
@@clover-finder88 He sold the one he was calling about. His wife’s is paid off, but his was not. I’m not the caller so I don’t have any details. I just saw he commented on the full episode that he sold the car, is debt free and happy now!
@@DT-tp6vmThey bought hers cash. No need to sell a newly used car to buy an older used car trying to recoup money from the initial purchase.
I definitely agree on the car thing. My last car that I bought for years ago I only gave $2000 for it and it’s still going pretty good. I’m going to drive it till the wheels fall off.
To be honest, I disagree. He could have the vehicle paid off in a few months, and still have nice cars and a nice house, and continue to save an invest.
I own a tractor dealership. Depending on the price/size of the tractor the 0% financing is $2500-6000 more than the cash price. I am making the same amount of money either way. Point is there is no such thing as free money.
So I paid more for my deere than I should've
Sure there is. I always get the out the door CASH price, then come back and say I want 0% financing. If they say no, i walk. Eventually, youll catch a good salesman on a good day who needs to move a car to make his month. The key is to buy when you dont absolutely need it.
They gonna get paid one way or another
I think it depends on what you are buying. In the 0 APR limited time same as cash offers you might get the advantage because the person paying cash immediately is paying the same as I am as long as I pay it off within the timeframe. That’s how I buy most of my electronics so I can pay from my paychecks instead of dipping into my savings.
Great video. I am ballsdeep for BlckTken300 and love your review for that as well
Oklahoma... a 2020 1/2 ton Chevy Pickup is $40k (four years old today) same for a 4 year old Yukon. I've gotten to the point where I just look for 25+ year old cars, that way I don't even have to worry about federally mandated state inspection.
Like Jade says, "The game IS rigged against you, the only solution is to not play."
There IS no "Federally mandated state inspection" the Federal Government believes the states should - for the most part govern themselves! I've lived places you must pass an annual inspection......right now I'm in Iowa and there IS no such thing.....brand new or 100 yrs old......no such thing
I'm car obsessed, but I enjoy older cars, and doing my own work on them! it's fun and therapeutic.
Me too. Cars were so much more fun to work on when they didn't have computers.
My man!
@@hdsensingI like to work on 88-00 Hondas and Toyotas but never got into the classic car vibe. I people over exaggerate them and sell them overpriced.
Very nice. I like the bigger stuff because you seem to be able to get to things easier without having to take apart half the car. Changing the headlight on a newer car seem to be WAY harder than it needs to be. @@Primitive_Code
Until one has a sunroof leak and then your entire interior is covered in mold.
I just did a quick search in my area for used cars under $6,000. I left the miles open and not a single Toyota Camery showed up. Lots of SUV's Pickups, and such, just a few Honda Accords but no Accords under 120,000 miles. I'm thinking when they get older the SUV's values just plummet, Pickups always have a work truck value.
It's called buyers remorse. So, you are suggesting he sell a used car to which he has invested in and buy a used car that will need a mechanic. Hope he has a backup plan for getting to work.
Sadly as someone who loves cars, I simply can't do without a fun car.
Same. Except I was heavier into owning fast cars in my early 20s. Now that I’m married and almost 29 I have a boring but newer gmc Sierra and wishing everyday I had a fun car. Just gotta wait for my father in law to give me his iroc camaro 🤠
If I'm paying big money for a vehicle... I'm gonna love what I drive. 2012 shortbed, single cab 4x4 Ram Express pickup truck. HEMI V8
What do you drive? I like fun cars to. I have a mustang that I sold to pay down my Tesla sold it paid off the Tesla and got the same mustang back then a week after paying off the Tesla I totaled it. I still have my mustang but as my winter car I got a 2015 police tarus. It's not as fun as my other 2 cars but it's still pretty fun. As someone that had a car loan for the Tesla it's not worth having payments on cars.
Unless you paid cash for it, you are stealing your out future. Before going to a dealership, imagine driving down the highway and throwing $100 bills out the window. New $50000 car? Imagine throwing fifty Benjamins out the window as you drive home. You would have had a much better time at a strip joint then that drive.
@@danmacgowan8242Yeah I agree it's not worth getting into debt. I took a car loan on a Tesla paid it off and a week later totaled it. I did that because I was spending $750 a month in gas. Car payments aren't worth it even if the cash flow is about the same as driving something else and using a lot of gas. Never doing that again. Also, if you know what you're looking for, you can find a really fun car for $10,000.
Thank you for the video ! Do you believe that BlckTken300 will be the main pump in 2024? I mean they prepared it for a long time and the vision is beyond greatness
Rule #1 The Dealership always makes money.
Rule #2 The Dealership always makes money.
Rule #3 The DEALERSHIP always makes money!
But he got a 0% loan, you sell sand to this guy if he lived in a desert..........
Not the best year but celebrating BlckTken300 now! What a time to be alive guys, seriously
He's really proud of that 0% interest rate
No such thing as a 0% interest rate, they got their money some other way from him
I own a 07 Mercedes Benz with 188k miles and it’s bought and paid for and I’m not in no rush to get a car payment at all
My father got a different car every three years. He said when he was about 90 but for cars her would have been a millionaire easy.
huh?
What lol
Cars are an excellent way of getting rid of hard earned money and having nothing to show for your labor at the end of it.
@@davidbrayshaw3529 Nope, medical care is.
@@15KHPCLUB I'm in Australia. It's a different ball game here. But at the end of the day, if you're spending money on medical care, at least you've got your life to show for it... hopefully.
i have a 2009 f150 with carplay LOL. even had a backup camera installed. I will NEVER have a car payment again
8:07 "and brakes that work" 🤣
Best advice ever
The only thing I want my car to have is heat and AC. The pain is real when you have to pay that monthly payment for what status 🙃
It’s only painful if you’re broke.
I’m a multimillionaire so it’s just another bill to me.
The damage is done, that vehicle has been purchased, he would then be down to only 1 vehicle if he sells. The vehicle has lost a good chunk of value and he probably won’t be able to sell it for anywhere near what he owns on it. As this is his only payment, it might be better to just knock the vehicle payment out and keep the car. It seems like he is in a better financial position than most people calling in. Most car dealerships own the financing they use so if you are paying in cash, they will mark up the car to cover what they would have made in interest. Paying cash for a car is not always cheaper than financing it. Depends on where you go.
They even said it themselves...he paid more upfront to get the 0%. Why in the world would you pay it off early...I would stretch that thing out the entire loan, not put an extra penny on it, and over the next 5 years take all that money and put it on investments...I cannot think of a single instance where I would pay a 0% interest loan early...In fact, will you loan me a billion dollars at 0% interest?! My entire family would never have to work again...
At 0% I’m keeping it lol. Used car market is horrible right now.
I'd just keep it also..... it used to be 2K would get you an ok used car, now you're looking at 10K -15K unless you want a piece of junk or you get lucky.
These guys follow the same formula regardless of the actual details.
It is only a problem right now because people are trying to sell their inflated 2022 car at the price a used car would sell in 2022, not realizing that a new car now is less than a 2022 used car
@@OtisFlintin a way they’re just brainwashed into following the formula, they bring out the same statistics for every single person for the last decade. I don’t know if they ever update the facts or Dave just wants to get more people into his money-making racket.
None of my cars have cost more than $9k. Lol 😂.
Have you looked at your repair bills tho?
Ah, that’s where they get ya with that “Never buy a new car, only cheap cash cars” soapbox
@@15KHPCLUB yes I have. The Japanese cars don't cost much to run. I have never spent more than $1000 a year (and that includes tyres!!)
@@markkunath8440 You’re what’s known as the exception to the rule.
It will eventually come to a point where the cost of repairing a vehicle exceeds the resale value and becomes a total loss.
I did 12 this last time........
@@15KHPCLUBnot always. My car that we have right now is the nicest car we've ever had (and our most expensive) and we paid 12. But, a number of years ago, we paid $800 for a car cash from a backyard dealer......my husband is mechanic - that was FANTASTIC little car! I drove it 3 years until someone tagged it and poured sugar in the gas tank and we didn't have 2,000 in the entire 3 years INCLUDING the purchase price........
Buying a car, then selling it once it has depreciated is the dumbest advice. This caller has a 0% loan. Just use the car you got and work from there.
They already have one super nice new car. For their income a second car in the same category is hurting his overall picture. This is why he called, sold it and is now debt free.
I’d rather have 20 grand in the bank no car payment than 42 grand in the hole for a car that’s gonna be worth 60 percent less worth in 5 years
There is something to be said about keeping a car you've taken good care of vs. picking up a cheap used car that you have zero knowledge or confidence how it was driven and maintained.
Sounds like you dont get the point of the video lolz
And he probably sold it back to the dealership! Hahaha! He should have just walked in there and handed them 10K and walked out! When the dust settles that's basically what he did.
I purchased a car in February 2012…paid it off in 4 years…maintained it and still driving it. Cars are a means of getting from Point A to Point B. It’s ridiculous the ‘attachment’ folks have to metal and glass. BTW it’s a 2012 Ford Focus SES…
Insurance is cheaper too!
I bought a toyota corolla le 2013 in april of 2021 and at the end of this month ill be paying the car full, no more car payments for me until i get a used mustang gt as my second car
Sorry but how could anyone have an attachment with a Ford focus ? 😂😂
@@musicman7297 I’m not attached. Just frugal. I simply have no identity crisis that forces me to drive a NEW car. So who’s laughing at who now? BTW I’m retired with over 6 figures CASH in the bank! What say you friend. I am debt free!
@@pookysboutique Hi poor cupcake, I'm retired with no debt and I invest in gold and silver. Good try at acting like you have something over me.
@@musicman7297you obviously haven’t driven one.
I'm SO GLAD God didn't make me a car lover. I always get an average car, drive it to the ground, and then I get another average car
I am a car lover since 16. But I also have common sense.
I’m sorry you live a boring life
So you’re saying your god purposely screws people over?
There's "car lover", and then there's "sucker"! We must have discernment, or we will fall for anything! The amount of money you spend on your typical "average" car hoopdee, and replacing them over and over again; you couldve just bought a newer reliable car for the same amount of money. 👍
@@machinesnmetal That's wonderful for you, but like I said, fancy cars don't interest me in the slightest bit
I paid 200 bucks for my daily driver. It needed some fixing but all in I'm still at about 1700-1800, and I've been driving for two years. Not saying everybody can do what I did but if you're really serious about becoming debt free you can find and drive cheap stuff with some looking around and some effort.
Does it look good? Nope, it's a rusty bent-up junker, but I couldn't care less. Gets me everywhere I need to go and back.
Where I live, you likely couldn't register and insure it. We have strict safety laws
That’s hilarious. Almost too cheap. Even Ramsey will say you can upgrade from a $1000 car to a $7000 or $10k. That’s just crazy 😊
I make too many cross country road trips to trust a clunker likely to die on me in the middle of Nowhere, Oklahoma.
There are so many used cars on various websites. It's just a matter of driving out to see them and kicking the tires. I, for one, will never buy a new vehicle again.
My 2019 Rav4 was 33,500 units after taxes when I bought it brand new in 4/19. Today, with 70,000 miles it is worth 26,000 units. Oh and I paid it off early 2022.
What is units 😳?
USD (United States Dollars)
You have one of the cars with the highest resale. I know I just bought one!
Hybrid? I'm so glad I went with the hybrid. Almost had it 5 years and haven't had a single issue with it.
@@jeffb.4800 yes 2021 hybrid. Great car so far.
Dr. John is annoying. Always jumping ahead of the actual financial people on the show. If there isn't something to psychoanalyze, you should just be quiet
If he says “alarm bells” one more time 😂😂
"Dont put more than 50% of your annual income into cars." Is it gross income or after taxes?
That is the Ramsey deal on purchasing a car. He goes by Gross Income on all figures when talking.
If you're asking you're wrong
Who cares, it's a dumb metric...Is it the value of the car when you purchase, or what it is worth right then? If so, he can just wait 12 months and he'll be fine...The problem is they have to come up with these goofy rules so that they can try to squeeze everyone into the same box...All of it is bad information if you are really trying to optimize your situation...
Dude, it's a 0% loan. You pay the monthly, no more, and you invest your cash. A 0% loan is an asset, not a liability.
Poor you.........
Nearly $100k in car debt and you're like 'pay it off it's 0%'
Stay poor king 👑
WOW! I’m sorry to say but you have a broke mindset! Any purchases you make and don’t out right own it is the definition of liability. The bank who own the Title are the owners. At any point they can come get their car and there’s not a dang you can do about it 0% or not! Matter of fact: miss a payment and see what happens.
Driving the same car for the last 25 years.
I love cars but I love not being in debt more
Same here
This caller had no financial problems. He could have kept the car and drove it for 20 years.
This burns as a car guy. Guess I need to accept the fact my income will never support the car hobby.
Don't listen to John. DO NOT sell it. Use your income to pay It. Do not empty your bank account.
He already sold it and is debt free. Pays off to listen to Delony’s advice sometimes right?
What, you dont agree with Dr John Delony phony bologna ? lol
Why tf wouldn’t you sell the car?
Why? Because its 0%? So? Still a super expensive car that he has no need for.
@@flashthecorgi2053 He never said he sold it.
We don’t have enough information to judge what he should do honestly. If he keeps it for ten years he’s better off not selling. Buying and selling costs a lot itself.
I am car obsessed. But I take as it is - very expensive and financially insane hobby. That's why my car budget is what 10% of my investment portfolio value is. This keeps it from ever ruining me and if I want a better car, I better work harder on my portfolio. Simple as that. It's also a great motivator for my investing journey so often I don't even utilize it fully. For example my current car to portfolio ratio is just 2%.
It’s amazing how much money people will tie up to look good while driving. We have 2 cars and both are paid off. It’s good to be debt free..
Apple Play can be installed (with a back up camera) in ANY older car for $100+/-.
Link that $100 setup.
We pay cash for great used cars.
I never understood when he said dont have half of your net worth in a new car because I can buy a brand new car and still wouldn't be half of my net worth. But yet he says I can't have a new car until I a m a millionaire because of the depreciation. But if we all cared about depreciation we wouldn't buy a car to begin with.
Not half networth...half your income tied up in Cars and boats and things with wheels. Once nw over a million then can buy new....disagree with that. If I make 100k I can buy cash a used 50k car but not a new 25k car..😂
@@markg999 sorry I meant income. Yeah right? Lol. And that new car wouldn't be of most people's income.
@@DT-tp6vm umm that's why I asked the question. Since you read the book what's the answer?
@@DT-tp6vm why do I need to a millionaire to get a new car if I can pay cash and the car is a small percentage of my net worth and not half of my salary?
Another idiotic and contradictory piece of garbage advice from boomer Dave Ramsey.
Just use the 10% rule or bring it up to 25% if you’re a gearhead like me.
Use more scenes !
CarPlay is a game changer lol
You can have both Fun cars and healthy finances.
But if you can only have both if you get to healthy finances first. If you get the fun car first, it’s much harder to get wealthy.
I can’t imagine spending that much on a vehicle.
There are vehicles you can live in for that amount. ; )
@@workinprogress-ye5or for real 😳
You ain’t rich, that’s why.
@@15KHPCLUB Some can't even when they are. I know many rich doctor's etc and $$ cars just aren't on their agenda. They'd rather spend it traveling or doing a hobby or charity.
My wife likes my car more than me!
Ouch. The expensive life.
Better call Saul.
This video inspired me to go by george's book
How many of us was wondering what kind of car he purchased 😳? Why they didn’t ask the question 🤷🏽♂️?
Because they only have one answer. Sell the car.
Because it keeps the advice "objective". Once you bring the brand and model of the car into the picture, emotions will begin to influence the advice or take away from the point, which is to avoid allowing your emotions around a car (something all "car people" and many others immediately relate to) to sway you into financial decisions that delay building wealth.
cars will always be a bad investment..the only way around it to me is pay it off and drive 15+ years or until wheels fall off..if your trading them in every 3-4 years your on the hamster wheel!! Just my humble opinion
your opinion is truly a Fact
Both cars need to be sold. 30k cars for both of them
The thing people don't realize they are already statically halfway through their lives especially if you're over 50. The more debt you have the longer it's going take to get out of debt. So you're robbing your present and future self of a good life and oh yeah your family as well that you say you love. You don't live forever become debt-free ASAP especially if you have the money.
What about those who are debt-free but are still living check-check or close to it?
Then what’ll be your narrative?
“Look at the whole painting, not just a minor imperfection at the bottom.”
@@15KHPCLUB if your not on baby step 7 I wouldn't suggest getting a new car.
The smart answer is pay it off with your minimum monthly payments until it’s gone. The Ramsey answer is to pay it off now at the risk over everything else over $1,000
The smart and Ramsey answer is to sell both cars. The alarm bells come from the insanely high price of both cars. Sell both and acquire new ones where the expense and cost of ownership fits your budget.
Love how nobody pays cash for cars much less puts anything down. Stupid is as stupid does.
The majority of people live paycheck to paycheck or with little savings. This is a reality. Even if they were to go and buy a new car or a used one for that matter, chances are they will not have the money in cash to pay for it. So, people are brainwashed into the I can afford ghe payment for the next few years which the majority do not have a problem doing for the most part. If they were to buy a cheap car cash, then they most likely won't have the money to fix the repairs that come with a cheap at your budget type of car.
I paid cash for my last five vehicles: 2020 4Runner, three very-low-mileage 2014 FJ Cruisers, and 2011 FJ Cruiser (which I no longer have -- I still have the other four vehicles).
@@KathleenMcNe , and now you are wasting the "savings" on registrations and insurance. You won at first, then turned it into a loss.
Most don't think like that. When I was telling a co-worker that I was working that job to save up for a 2nd car she couldn't wrap her brain around the fact that my husband and I share a car with him walking to work most of the time. People also talk about me needing to be paid on the books vs off to take out a car loan. I'm thinking bruh...
We put 50% down on our only car.
Ramsey show, please ban these weird bots.
My Tesla has never run out of batteries.
I am not sure he really has 400k net worth, but maybe. Seems like an odd mix to have 30k cash and 400k net worth.
7:39 Car: Pinch or Punch
given the callers current state, selling the car today is capitalizing the loss is ill advised, keeping 0% makes sense for now because you're already in it. the good advice was never to get into that situation in the first place. finally, selling whichever car has depreciated the least is the one to sell, no "the husbands" car. her ego in a 55k car isn't any more worthy of being placated than his in a 42k car.
The car doesn’t even know your name!
I spent $4000 (wrote a check) on a used '93 Wrangler in 2004. It was eleven years old then, thirty-one years old now. I can still get in it and drive it wherever I want. I've no use for "luxury vehicles" or car payments! Anybody that's too good to ride in it with me can walk!
"Our net worth is about $400K."
... I'm betting this guy doesn't know that liabilities are subtracted from net worth. 🤣
Cars are the biggest wastes of money ever. I will never understand why people even finance them to begin with. Like the hosts said, screw your status and get control of your ego.
Should definitely sell the wife’s car too and get two 25k cars, which is actually a really good amount of money for a car and then still have 30k in the bank.
Having the 55k car and a 10k car is kinda ridiculous.
Two 25’s is the way to go imo
Anyone remember Siacoin? This is picking up some heat but not even close as strong as BlckTken300 for 2024
You guys are wrong! Cars are not the worst purchase. You should buy something within your means that you like and it will be worth it if you keep it for at least 15 years. A vehicle isn't an asset, it's a needed utility. And if you use it a lot, then you should have something you like. Not a stupid used Camry!
Correct. Wives and children are.
They’ll easily put you into bankruptcy.
I am glad that I was not born like one of those people obsessed with the latest car models. To me, the most boring conversations are the ones that go something like "What is your dream car?" "What car would you buy if you were a millionaire?" I drive a 1995 Ford Explorer. And he's the kicker. It belongs to my dad. 🤣🤣🤣
The old Chief Financial Officer in my company was a millionaire and the dude drove a regular Mazda sedan.
I also drove for Amazon and noticed the real high end neighborhoods had a lot more 'regular' Toyota's and Honda's in the driveway and the lower income neighborhoods had luxury cars.
Guys took forever to figure out what was going on, if they ever did. Ps what happened to the 5,000 car? (guy was dumb in buying cars)
Channel your car love into model cars, it’s a whole lot cheaper lol. Then if you’re still unsatisfied, drop a few bucks on a driving video game and you can role play if you still need a little thrill haha.
He says his new car is a luxury for him, but his wife is on a 10- or 15-year plan with her car. Dude, are you serious?
He means her car is 100% paid off and she will drive it for the next 15 years until the wheels fall off
@@TheDjcarter1966 I know what he means: he planned to get a luxury toy for himself while she drives hers into the ground.
@@BrianW211 Maybe she doesn’t care and just wants a simple and reliable mode of transportation?
Have you considered that possibility?
This makes me laugh. I get a bus to work everyday out of choice. I get some comments from colleagues usually saying something along the lines of why font you learn to drive. I have a full licence i just choose not to have the burden of running a car. I have savings in the bank. Many of my colleuges have debt
How do you do anything where a bus doesn't go?
@@iddddaduncan I live in England my friend there are buses literally everywhere
@@tailsplayspoker9352 wish I could say that!
George: "It's disgusting."
No, it's capitalism.
Was it a difficult question? Maybe listen instead of looking for a reason to condemn him Mr. Dolony.
Man yall know used cars are very expensive to repair .
Johns singing is cringe. Hes childish. Can’t wait till he’s fired.
John’s advice worked dude. The guy sold the car within 24 hours after talking to them and is debt free now on BS3.
He's not going anywhere buddy😂 CRY ABOUT IT😭😭😭
Not really. We all have a bit of dork in us which is cool.
Can't stand him either ! George on the other hand is extremely wise and thoughtful with his words, I love him !
@@SS700XYZDr. John is literally the one who said sell the car but of course y’all are still saying you don’t like John. George followed what Dr. D said because he realized they had WAY too much car. The guy ended up selling the car 24 hours afterwards and then thanking John for the peace it gave him. But yeah he’s terrible..: 🙄
We bought a 20 year old Toyota Sequoia Limited for $7000. CarPlay installed for $200. It has all of the fancy features due to being the top trim level.
I am so happy and it has helped my budget so much that I don't have a car obsession and my worth as a person does not come from the car I drive!!
But if you're different, then you do you!
Cars are no different than vacations. if you are broke, you do day trips to the beach and drive a Toyota. If you have money, than there is NOTHING better than an awesome car and an awesome vacation, a Lexus and a trip to Europe!
Yes, both are "wastes" of money, but remember, tomorrow is promised to no one, and you cant take it with ya.
WHAT FINANCIAL GOALS IS HE REALLY DE-RAILING?HE HAS 42K TRUCK YOU WANT HIM TO LOSE 6K ON THEN SPEND 10K ON CRAP OLD CAMRY.IF MY MATH IS RIGHT THAT'S 16K IS 26K DIFFERENCE GOING TO RUIN HIS FUTURE?
We just bought a van with the heated seats and seating wheel and other bells and whistles for 6500. It’s a few years old but was well maintained and doesn’t have a ton of miles. You don’t have to spend a ton to drive a comfortable vehicle.
DUDE YOU HAVE A PAID FOR HOUSE KEEP TRUCK AND PAY IT OFF IN 6 MONTHS YOUR ON TO BABY STEP 7!!!!!!!!!DEAR CALLER WE NEED REAL CALLS WITH PEOPLE WITH REAL PROBLEMS THAT NEED HELP!!!!!!!!!!!!STOPPPPP WAISTING EVERYONE TIME!!!!!!!!!!
Not everything is about depreciation.
Dude lol no
I got a question, I owe 75k on my 245k house at 2.8 apr and I have about 80k in a CD at 5.25 apr. Should I pay off this house even though I plan to sell it and move to another state when I retire in 3 yrs to be close to my daughters and grandkids?
Oh and my retirement checks from 4 difference entities in 3 yrs will be 9K a month, I also have 80K in a 402B that I will take with me also. But should I payoff the house now if I plan to move in 3 yrs ?
Depreciation means nothing, if you intend to drive it ALL your life.
I bought my 1972 Chevy truck NEW,
Stop Re-buying cars.
How many million miles does it have on it? At 10000 a year that would be at least 530,000.
@@danmacgowan8242
~300K,
It's my Truck, wine, firewood, trailer,
not my Car.
3 on the tree, 250cid straight 6
In 1999, a small paint damage, the insurance, totaled it, ($3500 repaint) AND
gave me back the truck (restored salvaged title)
I bought my last truck for around 38 and sold it for 31 after putting several years and 65k miles on it. I don’t think all vehicles depreciate the same.
Trucks definitely hold value, but also depends when you sold it. Probably during COVID or more recently? Used car prices "appreciated" quite a bit.
Credit cards are an amazing tool if you know how to responsibly use them. Never carried a balance never paid interest and I take free flights and vacations with my points every year! So grateful for the morons who carry a balance and pay for my free vacations!
Supposedly, there's research that even people who pay it off every month spend more than they would out of their cash. Put that extra dinner on the credit card, get some points, pay it off on time. Chase points with some of your cash instead of more investing. I think usually that free vacation would cost $20000+ in CC spending every year? Or what do you think? There might be some excess in that level of spending. We used to take CC for BtoB, now we charge 2.5% to those chasing those points through their business. We're not giving them that vacation on our dime.
i'm like that too. But some can't do it. I just hate how they act like it's impossible. Rich people do it (worked with dozens of them) and poorer people like my Mom. She taught me well. Points pay for gifts and one time I had free 100.00. No interest, no fees.
@@grayandgray It might with some, but I use debit and credit and it's the same. I just don't get points with debit. Its safer too. I don't want anyone hacking my debit, my credit doesn't hurt me and companies are always helpful. No paperwork to fill out, no angst about replacing MY money in my account and waiting. It's what makes me happy. I don't spend less or more since I pay it off that day or week. Sometimes my card has a credit for bit. I just don't want to use debit and traveling, no way
I used mine that way. I don't think I do things "ramsey" I guess. Many years ago, I paid off a 5000 one by transferring it to 0-% Disney card and every month or twice a month, I saw balance go down and no interest. That helped me a LOT. They eventually closed it because I never used it for regular purchases. Now I use my Chase Amazon card for whatever I buy or my debit but I get points with Amazon. I got over 200 which bought Xmas gifts and birthday gifts. I don't use it for the points, it's just a perk. I know people need to learn to stop taking out so many cards, store cards (which are awful) numerous credit cards etc but just because they can't stop putting junk on them, doesn't mean someone else can't use them responsibly. If we stop using things others abuse, lets stop buying liquor while others are alcoholics, please shut down lotto and gambling casino's and online betting and shut down fast food restaurants that pollute our bodies with crap.I wouldn't miss any of that but it is a free world. We need more classes in budgeting and self control. I had my moments for sure but never liked expensive cars or shoes or expensive jewelry so no too many vices.
So you enjoy taking vacations paid for you by young people who suddenly had an emergency and now carry a balance on their card? Some single mom who had to put Aprils electricity bill on VISA because the her tax return she was counting on wasn't like the Covid ones. Some college kid who got a free t-shirt and sat and lived off Mastercard in the dorm instead of working?
9:19
I think either paying it off in 3 months or selling it were both reasonable options here. Usually when people come in they give pre tax numbers and owe on a mortgage and 50% is based off that value. This gentleman gave after tax value of income of 100k putting pre tax at 140ish, they would be abit over the 50% with the two cars, next year the cars would be worth 50% if not less of their income . I think the fact that they own their house out right was grazed over and not considered, mostly because it wasn’t mentioned until the end. I personally like the sell it option unless he was in love with the car but the other option definitely could have been considered
Somehow always these ppl do not mention actual reasons behind the scenes. The reason why we can go so big is ONLY because of BlckTken300
I don't get the adult car obsession at all. Automobiles are little more than necessary financial sinkholes - so just keep them to a minimum.
It's Feb2024. I'm driving a 2008 Toyota Camry that I purchased used in 2017 with very low mileage from a local retired senior citizen. I do all the maintenance and virtually all repairs on it myself (one can learn how to do a lot of automotive work from RUclips). It still looks and runs like it is practically brand new. I don't particularly care for its exterior color, but so what, it's only a car.
I'm not impressing anyone with what I drive, and I don't want to. Safe inexpensive reliable transportation is what cars are all about for me.
Good things! 👍
It’s like any other hobby, you either love it or you don’t.
Some need their vehicle to do work also. Not just transportation. Plowing, towing, hauling…
Sure, but that isn't the case here.
@@15KHPCLUB
Yes, but for most sane people with self-control, their hobbies don't cause them all kinds of financial angst.
Gitchyea thousand dollar car
Not the best advice, should have sold both cars
Does the half you income thing apply if the cars are paid off? I have a Cadillac V series that’s paid off that I want to keep when I buy another car.
Yes, the rule does apply. Increasing your income allows more money to be put into vehicles. The money that you don't spend on vehicles can go to life's necessities and investments that go up in value.
ALL THE BOTS IZ CRAZY
BlckTken300 , making everything right in 2024 it seems
40k car is not worth 16k later lol go try buy a Camaro SS for 16k lol